Dave's Hot Chicken sold to Subway owner Roark Capital in a $1 billion deal

Dave's Hot Chicken said Monday it has been acquired by the private equity firm Roark Capital in a deal valued at $1 billion.

Dave's Hot Chicken got its start in 2017 as a popup in a Los Angeles parking lot. It has grown exponentially since then and expects to end this year with 400 restaurants worldwide. The brand specializes in Nashville-style hot chicken.

Investors in Dave's Hot Chicken have included the rapper Drake, who gives away hot chicken sliders every year on Oct. 24, his birthday.

Atlanta-based Roark specializes in franchised businesses. It bought the Subway sandwich chain in 2023 and backs two holding companies that own multiple restaurant chains: Inspire Brands, the parent of Arby’s, Dunkin’, Jimmy John’s, Sonic and Buffalo Wild Wings; and GoTo Foods, which owns Auntie Anne’s, Carvel, Cinnabon and Jamba.

Dave's Hot Chicken said its leadership team — including CEO Bill Phelps and the four childhood friends who founded the company — will remain and continue to lead menu innovation, food quality, operations and marketing.

“Our entire organization is excited about the fit between Dave’s Hot Chicken and Roark, and we’re looking forward to continuing to blow our guests’ minds and unlocking growth and value for our franchise partners," Phelps said in a statement.

The Dave's Hot Chicken restaurant is seen in the Little Tokyo district of Los Angeles Monday, June 2, 2025. (AP Photo/Damian Dovarganes)

An open sign for Dave's Hot Chicken restaurant is seen in the Little Tokyo district of Los Angeles Monday, June 2, 2025. (AP Photo/Damian Dovarganes)

The Dave's Hot Chicken restaurant is seen in the Little Tokyo district of Los Angeles Monday, June 2, 2025. (AP Photo/Damian Dovarganes)

Customers eat inside Dave's Hot Chicken restaurant in the Little Tokyo district of Los Angeles Monday, June 2, 2025. (AP Photo/Damian Dovarganes)

A customer uses a touch screen to order inside Dave's Hot Chicken restaurant in the Little Tokyo district of Los Angeles Monday, June 2, 2025. (AP Photo/Damian Dovarganes)

Dave's Hot Chicken food is seen at the restaurant in the Little Tokyo district of Los Angeles Monday, June 2, 2025. (AP Photo/Damian Dovarganes)

The Dave's Hot Chicken restaurant is seen in the Little Tokyo district of Los Angeles Monday, June 2, 2025. (AP Photo/Damian Dovarganes)

The loo for Dave's Hot Chicken restaurant is seen in the Little Tokyo district of Los Angeles Monday, June 2, 2025. (AP Photo/Damian Dovarganes)

PARIS (AP) — French Open semifinalist Loïs Boisson has withdrawn from the Australian Open.

The 22-year-old Boisson has been struggling with injuries since a deep run at Roland-Garros last year in her Grand Slam main draw singles debut.

She has not played since the end of September and the No. 35-ranked player said she took the decision to skip the Australian Open to be able to compete “at 100% for the rest of the season.”

In Paris, Boisson beat top-10 players Jessica Pegula and Mirra Andreeva before losing to eventual champion Coco Gauff.

“I tried everything to be ready on time,” she said in a message posted on Instagram. “But I know that rushing can harm my body and my health in the long term especially.”

The Australian Open starts on Jan. 18.

AP tennis: https://apnews.com/hub/tennis

FILE - Lois Boisson, of France, during the first round of the U.S. Open tennis tournament, Tuesday, Aug. 26, 2025, in New York. (AP Photo/Vera Nieuwenhuis, file)